Gas prices around eastern ON are almost finally back to “Normal” after slowly dropping the last few weeks. Kingston is $1.429/L this morning as I went past a few stations - that is about 10c/L more than in January. Brockville and Prescott are both around $1.349/L this morning when I passed through on my way into work.
Latest news from the middle east is a LOT of the backed-up oil tankers are now getting in and out freely and production is starting to ramp back up - there may be a bit of a whip-saw effect, as demand was still “cranked down” from the high prices and limited supply, but production now might exceed demand for a little while until demand catches back up - Reuters article this morning said to expect the price of crude to be very unpredictable through July and August with prices bouncing anywhere between $50-$100/bbl on any given day with little predictability. That will leave refiners and retailers chasing their tails. In other words - expect lower gas prices than in March-May, but don’t be surprised if a random day goes back up 25c/L.
